Outlook For USTec (Proxy for NASDAQ 100)

Price, after reaching a high of 16,767, has broken below the neckline of a Double Top chart pattern and could be heading lower to 14,229. Price is currently near to this target. There is another previous low at 14,381. If price breaks below 14,229, it could be heading to 13,000 level. This is the Ichimoku 3E price projection of the Double top chart pattern. MACD is bearish and heading lower, which is a hint of more decline ahead.
We think price is likely to go lower to 13,000 to 13,435.

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